Home / Oil & Energy / Oil & Companies News (page 2)

Oil & Companies News

Nigeria hits oil majors with billions in back taxes

Nigeria has ordered foreign oil and gas companies to pay nearly $20 billion in taxes it says are owed to local states, industry and government sources said, in a move that could deter investment in Africa’s largest economy. In a letter sent to the companies earlier this year via a debt-collection arm of the government, Nigerian National Petroleum Corp (NNPC) cited what it called outstanding royalties and taxes for oil and gas production. Royal Dutch Shell, Chevron, Exxon Mobil, Eni, Total and Equinor were each asked to pay the central ...

Read More »

Brexit risks making North Sea oil ‘less attractive’ to buyers

North Sea oil risks becoming less attractive to foreign buyers if the UK Government fails to secure key trade deals before Brexit, a leading energy business has warned. SK Innovation claimed that Theresa May’s plans risked creating import tariffs, which would reduce the attractiveness of North Sea oil for the global market. The Seoul-based procurement firm expects a lower probability of North Sea crude oil purchases if the UK crashed out of the EU on March 29. Import tariffs on Forties crude oil have been waived by South Korea under ...

Read More »

Output growth to lift energy security

Shengli Oil Field, China’s second-largest oilfield complex after PetroChina’s Daqing Oil Fields, has produced more than 1.2 billion metric tons of crude till January since 1961, after China’s crude oil output rose last August for the first time in nearly three years. Amid rising international oil prices, Shengli’s production, which is equivalent to 0.9 ton of crude for each of the country’s 1.3 billion residents, accounts for one fifth of nationwide output in the same period, according to its developer China Petroleum and Chemical Corp, or Sinopec, the world’s largest ...

Read More »

Government drives big bang reforms in oil & gas sector

Decision incorporates recommendations made by Committee on Enhancing Domestic Oil and Gas Exploration The Union Cabinet chaired by Prime Minister Narendra Modi on Tuesday approved the Policy framework on reforms in exploration and licensing sector for enhancing domestic exploration and production of oil and gas. The Cabinet decision was based on the recommendations of a High-powered Committee on Enhancing Domestic Oil and Gas Exploration chaired by Vice-Chairman NITI Aayog and including the Cabinet Secretary, CEO, NITI Aayog, Secretary, Ministry of Petroleum and Natural Gas, Secretary, Department of Economic Affairs and ...

Read More »

Oil off 2019 highs as U.S. crude stocks build, output hits record

Oil prices fell below 2019 highs on Thursday after U.S. government data showed a fifth weekly build in crude inventories and record production, while concerns about slowing global economic growth weighed. Losses were capped by OPEC-led supply cuts and U.S. sanctions on Venezuela and Iran. Advancements in Washington-Beijing trade deal discussions also supported prices. U.S. West Texas Intermediate (WTI) crude oil futures fell 13 cents to $57.03 a barrel by 11:43 a.m. EST (1643 GMT) after touching a 2019 high of $57.55 the previous day. Brent crude futures fell 1 ...

Read More »

Middle East Crude – Dubai, Oman premiums at lowest in 3 weeks

Middle East crude benchmarks weakened for a fifth straight session with Oman and Dubai’s premiums at their lowest in three weeks. Most of the refiners in Asia have completed their purchases, except for Taiwan’s CPC which is due to award its tenders by the end of this week. ASIA-PACIFIC CRUDE: Exxon Mobil has sold 650,000 barrels of Banyu Urip to load on April 9-13 at a premium of more than $5 a barrel to an end-user, traders said. The premium was more than $1 higher than a deal for a ...

Read More »

Saudi Arabia seeks stronger commitment from Nigeria on OPEC oil cuts

Saudi Arabia has demanded greater adherence to oil production cuts by Nigeria in a bid to balance global oil markets and shore up prices, a Nigerian government statement said. The kingdom had sent Ahmad Qattan, Minister of State for African Affairs and Special Envoy of King Salman Bin Abdulaziz to Abuja to meet with Nigeria’s President Muhammadu Buhari, to press Nigeria on compliance with the current OPEC/non-OPEC agreement. Buhari said he assured the Saudi envoy that even though it was a difficult decision for Nigeria to cut output, it would ...

Read More »

U.S. crude stocks rise by 3.7 mln barrels – EIA

U.S. crude stocks rose last week as refineries cut output, while gasoline and distillate inventories fell, the Energy Information Administration said on Thursday. Crude inventories rose by 3.7 million barrels in the week to Feb. 15, compared with analysts’ expectations for an increase of 3.1 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 3.4 million barrels, EIA said. Refinery crude runs fell by 57,000 barrels per day, EIA data showed. Refinery utilization rates remained unchanged. Gasoline stocks fell by 1.5 million barrels, compared with analysts’ expectations ...

Read More »

Turkey set to begin oil and gas drilling off Cyprus

Turkey will begin drilling for oil and gas near Cyprus in coming days, state-owned news agency Anadolu reported Foreign Minister Mevlut Cavusoglu saying on Thursday, a move that could stoke tensions with neighbouring Cyprus and Greece. Turkey and the internationally recognised Greek Cypriot government have overlapping claims of jurisdiction for offshore oil and gas research in the eastern Mediterranean, a region thought to be rich in natural gas. “In the coming days we will start drilling with two ships around Cyprus,” Cavusoglu was quoted as saying in a speech to ...

Read More »

Oil hovers near 2019 highs amid OPEC cuts

Oil prices hovered around 2019 highs on Thursday, bolstered by OPEC-led supply cuts and U.S. sanctions on Venezuela and Iran, but were capped by slowing growth in the global economy. U.S. West Texas Intermediate (WTI) crude oil futures were at $57.17 a barrel at 1320 GMT, 1 cent above their last settlement, and close to a 2019 high of $57.55 reached the previous day. Brent crude futures were down 4 cents at $67.04 after touching a 2019 peak on Wednesday at $67.38. Oil prices have been driven up this year ...

Read More »

Asia base oils find support from crude; Group II in ample supply

Asia’s spot base oils prices will likely find support from recent spikes in crude oil values, with Brent crude trading at above $66/bbl. – Strengthening crude and gas oil prices may boost base oils – Demand to pick up from H2 February post-Lunar New Year holiday – Group I SN500 supply relatively tighter than Group II 150/500N in the week ended 15 February, Group I average prices for SN150, SN500 and brightstock were unchanged at $665/tonne FOB (free on board) Asia; $607.5/tonne FOB Asia; and $792.5/tonne FOB Asia, respectively, according ...

Read More »

The Middle East’s petrochemicals push signals oil’s future

This is the second installment in a three-part series exploring oil, plastics demand and sustainability. Plastics and chemicals will account for the largest share of global crude demand growth by 2030, and a third wave of petrochemicals expansion underway in the Middle East is looking to cash in on the trend, as investment into downstream petroleum industries will become a critical demand driver for oil markets in the future. Industrialized economies use up to 20 times more plastic and up to 10 times more fertilizer than developing nations on a ...

Read More »

Commonwealth LNG finds European demand for gas from Louisiana terminal -CEO

Commonwealth LNG has received commitments from European buyers to take almost half of the liquefied natural gas (LNG) from its planned 8.4-million-tonnes-per-year export terminal in Louisiana, Chief Executive Officer Paul Varello said on Wednesday. The Commonwealth project is one of more than 10 LNG export terminals under development or construction in the United States along the coast of the Gulf of Mexico to take advantage of soaring demand for the supercooled fuel amid booming gas production. “We are exchanging documents with counterparties that will represent three to four million tonnes” ...

Read More »

US oil production gains seen from Permian, New Mexico: S&P Global

US oil production will keep expanding through at least 2020, led by further growth from the Permian and New Mexico and putting a cap on Brent crude prices, according to S&P Global Ratings. Output from the US will exceed 13 million b/d in 2020 compared with about 12 million b/d this year, Andrey Nikolaev, senior director, analytical manager in S&P Global Ratings, said Wednesday in a presentation given in Dubai. Already the world’s biggest oil producer after pulling ahead of Saudi Arabia last year, US shale output is widely expected ...

Read More »

Oil hovers near 2019 highs amid OPEC cuts

Oil prices hovered around 2019 highs on Thursday, bolstered by OPEC-led supply cuts and U.S. sanctions on Venezuela and Iran, but were capped by slowing growth in the global economy. U.S. West Texas Intermediate (WTI) crude oil futures were at $57.14 a barrel at 0955 GMT, 2 cents below their last settlement, and close to a 2019 high of $57.55 reached the previous day. Brent crude futures eased by 14 cents, or 0.2 percent, to $66.94 after touching a 2019 peak on Wednesday at $67.38. Oil prices have been driven ...

Read More »

Recent Videos

Hellenic Shipping News Worldwide Online Daily Newspaper on Hellenic and International Shipping